ClearView Wealth (CVW)

A private equity group has gained control of the majority of the shares of
Clearview Wealth
, but some key executives are refusing to sell their stake into the takeover bid. CCP BidCo, a subsidiary of private equity firm Crescent Capital, has offered 59¢ a share for Clearview in a $262 million takeover. However, Clearview managing director Simon Swanson has announced he will hold on to his 2.5 per cent stake, arguing the bid undervalues the insurance and investment group. The 59¢-a-share offer includes cash of 55¢ a share, an announced franked dividend of 1.8¢ and an unfranked special dividend of 2.2¢. An independent expert’s report valued Clearview shares at between 68¢ and 74¢ a piece. CCP BidCo has gained control of around 66 per cent of Clearview shares. Other shareholders have until September 28 to decide whether to accept the offer or hold on to their stock.